UK billionaires have declined for the third consecutive year, according to the latest Sunday Times Rich List. The list, which ranks the country’s 350 richest people, revealed a decrease in billionaires from 165 to 156.
Key Findings
- Top Billionaire: The Hinduja family topped the list for a fourth consecutive year with a net worth exceeding £35 billion.
- Overall Decline: Robert Watts, compiler of the Rich List, noted that "our billionaire count is down and combined wealth of those who feature in our research is falling."
Reasons for the Decline
Watts attributed this decline to criticism from wealthy individuals regarding tax changes introduced by the new Labour government. He stated:
- The abolition of non-dom status has angered affluent individuals, including homegrown young tech entrepreneurs and those running centuries-old family firms.
- The Labour government abolished non-dom tax status in April, requiring UK residents with foreign domiciles to pay income taxes on worldwide earnings.
Tax Changes Overview
- Non-Dom Tax Status: Previously allowed individuals to claim foreign income exemption if their permanent home was abroad. Changes mean that those returning to the UK may face higher tax bills.
- Government Actions: Former Chancellor Jeremy Hunt announced plans to scrap non-doms, which were expedited by his successor, Rachel Reeves.
Economic Impact
- Job Losses: There has been a significant increase in companies leaving Britain since the Brexit vote, resulting in approximately 1 million jobs lost.
- Investment Decline: Business investment has fallen sharply, with output per hour worked down nearly a quarter compared to pre-pandemic levels.
Future Outlook
- Jeremy Hunt warned of more job losses ahead amid a growing economic uncertainty, stating, "There will be more redundancies I’m afraid… We’ve got very low growth forecast next year."
Wealth Statistics
- The combined wealth of the top 350 richest Britons fell slightly short of the £1 trillion mark, reaching £996 billion.
- This marks only the second time since records began in 1989 that both the number of billionaires and their combined wealth have declined simultaneously.
Notable Newcomers
Among the notable newcomers to the list are:
- Sir James Dyson: Joint 51st place with an estimated net worth of around £2 billion.
- Stella McCartney: Fashion designer and daughter of Paul McCartney.
Sunday Times Rich List Top Ten
- Hinduja brothers (£35bn)
- Sir Leonard Blavatnik (£29bn)
- Sir Jim Ratcliffe (£22bn)
- Sir Michael Moritz & Harriet Heyman (£21.5bn)
- Lord Bamford & family members (£20.5bn)
- Michael Platt (£19bn)
- Seth Klarman (£18bn)
- David & Simon Reuben (£17bn)
- Guy Hands (£16bn)
- Sergey Sklyarov (£15bn)
The Sunday Times Rich List continues to provide insights into the wealthiest individuals in the UK, reflecting broader economic trends and the impact of government policies on wealth accumulation.
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